Location: Akron, OH | Metro: Akron, OH MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $970 | $106,008 | 0.92% | C |
| 2BR | $1,250 | $189,246 | 0.66% | D |
| 3BR | $1,500 | $257,999 | 0.58% | F |
| 4BR | $1,640 | $347,946 | 0.47% | F |
| 5BR | $1,902 | $480,936 | 0.4% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 44313 in Akron, OH, for fiscal year 2024 is set at $1020. This figure represents the payment standard for Section 8 housing vouchers, meaning that if you participate in the program, the Housing Authority will pay up to $1020 per month for a unit in this ZIP code. It's important to note that this is not the rent you can charge tenants; it's the maximum amount the Housing Authority will contribute toward rent.
To put this into perspective, the local median asking rent for a two-bedroom apartment in ZIP 44313 is $1,438, according to the Zillow Observed Rental Index (ZORI). This means that the FMR is significantly lower than the market rate, which could affect your rental income if you decide to take part in the Section 8 program.
In ZIP 44313, 38.8% of residents are renters, indicating a substantial demand for rental properties. However, the FMR of $1020 might limit your potential tenant pool to those who qualify for Section 8 assistance. If you're considering acquiring a property specifically for Section 8 rentals, the average home value in this area is around $255,504, which should be factored into your investment decision.
Before proceeding with a Section 8 rental in ZIP 44313, you must verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary. Failure to meet these criteria can result in rejection of your application by the Housing Authority, making this a critical step in the process.
Participating in the Section 8 program can provide a steady stream of rental income, but it comes with conditions. The payment standard of $1020 is lower than the market rate of $1,438, so your income will be based on this government-set amount. With 38.8% of the population renting, there is a significant demand for affordable housing, making Section 8 a viable option for landlords looking to serve this segment of the market.
Remember, the FMR is not your rent; it's the maximum subsidy the Housing Authority will provide. Your actual rent cannot exceed this amount, and you must ensure your property complies with HQS to avoid complications. Given the average home value of $255,504, it's essential to calculate your expected returns carefully against the costs of acquisition and maintenance.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.